MIRA
INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLEN APPLIANCES PRIVATE LIMITED (w.e.f. 14.09.2005) |
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Formerly Known
As : |
ANIRUDH APPLIENCES PRIVATE LIMITED |
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Registered
Office : |
I-34, DLF Industrial Area, Phase-I, Faridabad-121003, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.01.2000 |
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Com. Reg. No.: |
05-036809 |
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Capital Investment
/ Paid-up Capital : |
Rs. 16.813 millions |
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CIN No.: [Company Identification
No.] |
U28937HR2000PTC036809 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Leading Manufacturer of Home Appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
I-34, DLF Industrial Area, Phase-I, Faridabad-121003, Haryana, India |
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Tel. No.: |
91-129-2254191 / 93 |
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Fax No.: |
91-129-2274344 |
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E-Mail : |
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Website : |
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Service Centre : |
Located At Andhre Pradesh Assam Haryana Jharkhand Himachal Pradesh Madhya Pradesh Maharashtra Uttar Pradesh Uttaranchal |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Madan Lal Sharma |
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Designation : |
Director |
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Address : |
R/O House No-622, Sector-15, Faridabad, Haryana, India |
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Date of Birth/Age : |
10.02.1964 |
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Date of Appointment : |
06.01.2000 |
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DIN No : |
00039964 |
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Name : |
Mr. Ajay Khanda |
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Designation : |
Director |
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Address : |
R/O House No-354, Sector-21 A, Faridabad, Haryana, India |
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Date of Birth/Age : |
24.08.1958 |
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Date of Appointment : |
23.01.2001 |
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DIN No : |
00147110 |
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Name : |
Ms. Neeru Sharma |
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Designation : |
Director |
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Address : |
R/O House No-622, Sector-15, Faridabad, Haryana, India |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
06.01.2000 |
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DIN No : |
00041131 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Madan Lal Sharma |
495013 |
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Neeru Sharma |
176850 |
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Ajay Khanda |
573284 |
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Sangeeta Khanda |
96703 |
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Sohrab Khanda and Sangeeta Khanda |
10000 |
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Satya Vati Khana and Sangeeta Khanda |
10000 |
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Ajay Khanda (HUF) and Sangeeta Khanda |
10000 |
|
Sangeeta Khanda and Ajay Khanda |
15000 |
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Madan Lal Sharma (HUF) |
1600 |
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S V Khanda |
78125 |
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Sorabh Khanda |
31250 |
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Sonal Khanda |
2969 |
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Priyanka Khanda |
1406 |
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Shashi Batra |
9388 |
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Aneesh Batra |
1250 |
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M L Sharma and Neeru Sharma |
117162 |
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Neeru Sharma and M L Sharma |
50000 |
|
Utkarsh Batra |
1250 |
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Total |
1681250 |
AS ON 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Leading Manufacturer of Home Appliances. |
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Products : |
Home Appliances (Gas / Electrical) |
GENERAL INFORMATION
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India ·
Oriental Bank of Commerce, Mathura Road, Sarai
Khwaja, Faridabad-121006, Haryana, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Through
dy. Director of Industries Single Window Clearance Agency, Baddi, District
Solan, Baddi-173205, Himachal Pradesh, India |
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Auditors : |
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Name : |
Aiyar and Company Chartered Accountant |
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Address : |
07, Akash Deep, 2-A, Barakhamba Road, New Dlehi-110001, Delhi, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1681250 |
Equity Shares |
Rs.10/- each |
Rs. 16.813
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
16.813 |
16.813 |
16.813 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
518.798 |
356.188 |
239.946 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
535.611 |
373.001 |
256.759 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
4.617 |
12.009 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
4.617 |
12.009 |
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DEFERRED TAX LIABILITIES |
2.543 |
1.456 |
0.964 |
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TOTAL |
538.154 |
379.074 |
269.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
152.244 |
151.921 |
140.144 |
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Capital work-in-progress |
0.857 |
1.624 |
2.417 |
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INVESTMENT |
9.453 |
4.224 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
152.766
|
144.928 |
153.380 |
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Sundry Debtors |
62.874
|
43.830 |
42.289 |
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Cash & Bank Balances |
193.524
|
74.852 |
8.611 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
29.845
|
20.338 |
18.335 |
|
Total
Current Assets |
439.009
|
283.948 |
222.615 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
40.246
|
44.244 |
63.398 |
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Other Current Liabilities |
11.835
|
12.031 |
27.916 |
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Provisions |
11.328
|
6.368 |
4.130 |
|
Total
Current Liabilities |
63.409
|
62.643 |
95.444 |
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Net Current Assets |
375.600
|
221.305 |
127.171 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
538.154 |
379.074 |
269.732 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT BEFORE
TAX |
176.972 |
127.542 |
68.262 |
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PROVISION FOR
DIMIUNTION IN VALUE OF INVESTMENT |
0.678 |
(0.678) |
0.000 |
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Less |
TAX |
(15.040) |
(10.623) |
(9.528) |
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PROFIT AFTER TAX
|
162.610 |
116.241 |
58.734 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
328.502 |
212.261 |
153.527 |
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BALANCE CARRIED
TO THE B/S |
491.112 |
328.502 |
212.261 |
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EXPORT VALUE |
1.456 |
3.159 |
2.904 |
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IMPORTS |
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Raw Materials |
43.781 |
34.336 |
67.188 |
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Stores & Spares |
1.743 |
0.303 |
0.217 |
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Capital Goods |
0.000 |
27.713 |
15.356 |
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Others |
22.578 |
36.415 |
45.614 |
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TOTAL IMPORTS |
68.102 |
98.767 |
128.375 |
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Earnings Per
Share (Rs.) |
96.72 |
69.14 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.93
|
29.26 |
18.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.34 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
0.18 |
0.42 |
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Current Ratio (Current Asset/Current Liability) |
|
6.92
|
4.53 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office address of the company has been shifted from HR 112/6, Pul Pehland Pur,
New Delhi-110044, Delhi, India to present w.e.f. 26.03.2007
FORM 8
|
Corporate
identity number of the company |
U28937HR2000PTC036809 |
|
Name of the company
|
GLEN APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
I-34, DLF Industrial Area, Phase-I, Faridabad-121003, Haryana, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Through dy. Director of Industries Single Window Clearance
Agency Baddi, District Solan, Baddi-173205, Himachal Pradesh,
India |
|
Nature of
instrument creating charge |
Agreement
for Availing Central Capital Subsidy, Agreement of Hypothecation for Central Capital
Investment Subsidy |
|
Date of
instrument Creating the charge |
25.11.2010 |
|
Amount secured by
the charge |
Rs. 3.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge 100% |
|
Short particulars
of the property charged (Including location of the property) |
All
machinery and equipment's belonging to the Industrial Concern lying at EPIP,
Phase-II, Thana, Baddi, District Solan, Himachal Pradesh and in transit or on high seas and more
particularly described in the Schedule hereunder written are hereby
hypothecated to the Government /Corporation by way of First Charge as
security for payment by the Industrial Concern to the Corporation on demand
of the said principal sum and all costs, charges and expenses which may be
incurred by the Corporation in relation to this security. |
FIXED ASSETS
·
Land
·
Building
·
Factory
·
Furniture and Fixtures
·
Plant and Machinery
·
Generator Set
·
Tools and Equipments
·
Electrical Installations
·
Air Conditioners
·
Mobile Phone
·
Other Equipments
·
SAP Software
·
Truck
·
Cycles
·
Fax Machines
·
Water Cooler
·
Dies and Moulds
WEB SITE DETAILS
PROFILE
Subject is an inspiration from the needs of the
discerning buyers of modern home appliances. Acknowledging the fact
that quality service are the only two parameters for acceptance of a brand in
the market, subject is the answer to market dynamics.
At Glen the key operational words are professional
excellence and integrity. In essence the approach of designing and developing
products is primarily consumer led and is backed by the unflinching support of
continuous Research and development. Their products are an ideal combination
of aesthetics and performance. Guaranteed for long and trouble-free usage,
Glen comes across as a household's delight.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.